9 Financial Tips That’ll Save You Money in 2018

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5. Where You Live Affects How Much Money You Can Save

If you are trying to save money, where you live really affects your bank balance. For example, South Bend, Indiana is one of America’s best cities to get rich. The average income (with a bachelor’s degree) is $71,829 and the average rent is just $720. That’s a lot of spare income. While South Bend might not exactly be New York, it could be a great place for those who want to live large in a smaller city.

6. Your House Isn’t an ‘Investment’

Lots of homeowners consider that their houses are investments, but that’s not really true. It’s just something that they tell themselves so that they can justify the large down payment. Real investments actually come in the form of stocks, bonds, and real estate (that you don’t live in). Your home isn’t something that you’d be willing to risk on the stock market, so you unless you flip houses for a living, your house isn’t an investment.

7. Go Easy with Auto-Financing

Just like your home, your car isn’t really an investment either. Once a brand-new car is driven off the lot, it’s value will plummet. It’s unlikely that you’ll sell your car for more than you bought it, so don’t buy one that you can’t afford. Pay cash if possible, but if you need to get a loan following these rules:

• Pay down 20% to avoid long loan terms.
• Know your credit score and how it’ll impact you before you go to the dealers.
• If your credit score isn’t that good, get financing from a credit union instead of the car dealer.

8. Don’t Buy an Engagement Ring Through Jewelry Store Financing

You might be so excited about getting engaged that aren’t too worried about how you are paying for the ring. Yes, the jewelry store finance plan rate is 0%, but once the promotional period ends, the interest rate will skyrocket.

If you can pay off the ring within 12 months, it makes sense to buy it on a credit card with a 0% introductory rate. But, if it’ll take longer than a year, consider taking out a personal loan instead. This might seem costlier initially, but over time it’ll work out cheaper than credit cards.

9. Get a Side-Hustle

Side-hustles are the best way to make some easy extra cash. If you want to save more money, the best way is to earn more. Tons of people already drive for Uber and Lyft, and we’ve heard it’s a pretty well paid and flexible job.

Working for Lyft, some drivers report that they earn $35 per hour, and they often have large cash bonuses (as much as $300) for new drivers. If you already have a car, this can be the perfect way to earn some extra money.